Abu Dhabi: With the delivery of a number of projects slated to take place in the next few months, Abu Dhabi’s mortgage sector is gearing up for the expected surge in demand for mortgages. From attractive interest rates to tie-ups with various developers, lenders have started doing everything to woo customers.
For example, Abu Dhabi Finance (ADF) announced its tie-up with Bloom Properties and Tamouh to finance properties in their developments. Paul Preston, managing director, elysian Group, welcomes the initiative taken by ADF.
“It is a good move. Low interest rates and high LTVs give reassurance to end users that owning a property is far more cost-effective than renting. This also tempts current tenants into buying, as they see great value in the low market price of properties and also see massive gains with their personal cash flow. Paying with monthly instalments is far more attractive than paying one or two payments in advance per year, for a property that you don’t own.” His advice to prospective buyers is not to wait. “Don’t miss an opportunity to buy if you like what you are buying. Abu Dhabi property makes great sense right now. There is a big lack of quality properties in our market, there is also an under supply of property. These are both drivers to start off the buying process again and will make prices rise over the next six months.”
